Perhaps I have been sounding like the prophet of doom and gloom. That is not my intent. I think there are some really good values available in Key West right now--especially in the mid-range, but also some very nice big homes that are priced very well.
I decided to show you two photos of a neighbor's house. The house is two blocks from mine. That means that house is two blocks closer to the beach. It is located on one of the best blocks in the Casa Marina area. In fact it is a short two block walk west to the Casa Marina Resort or a two block walk south to the Atlantic Ocean.
The previous owner of the property (when it was a mid century ranch) was a dear friend. He passed away a few years ago, and his estate sold the corner lot to an investor for $1.4 million in January 2004. The investor resold it in February 2005 for $1.850 million. The lot is 11,441 square feet. The present owner paid about $162 per sq ft for a buildable lot in a prime location.
Then the new owner built an edifice. I'm not griping. I like it. It just dwarfs most of the nearby houses--most of which are also big. It is just bigger. Decide for yourself. In a years time the trees and shrubs that look so small will be giants. I don't know how it happens, but plants and trees thrive in Key West.
I have no idea how large the new house is. The tax records don't even show that a house exists yet. Lucky owner! I think the construction of such a large edifice is a testament to the belief the new owner has in the long term viability and value real estate in Key West. I boo-hoo about declining property values and foreclosures. I wouldn't touch a lot of 'em. But there are some real deals right now. There is still a lot of building going on in Key West. But there is not as much as there was in 2005-2006.
The Casa Marina area is a very friendly neighborhood. Everybody walks their dogs. We even have a beach for the dogs--doggie beach CLICK HERE. You can join the Casa Marina Beach and Gym. The hotel has undergone extensive renovation. I'm going to join there when my present gym membership expires. CLICK HERE and ALSO HERE for pics of the beach and pool at the Casa.
If you have a Edifice Complex and want to own your own edifice in the Casa Marina area CLICK HERE. If you see something you like please call me, Gary Thomas,305-766-2642 or e-mail me at kw1101v@aol.com. I may be able to help you find the prescription you need.
2 comments:
You should have named that list the Most Overpriced Properties for Sale in Key West. Don't these listing brokers know that properties are selling for $300 sq/ft or less and not for 600, 700 or even 1,200 sq/ft. These brokers have lost all credibility in my book. Or maybe they are so desperate for the listing they won't set the homeowners straight about the market. Time for a reality check. And by the way, I wouldn't want to live within 2 blocks of that monstrosity you call the Edifice.
Hey, where are you? On vacation?
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